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Why China Is Buying Gold — and What It Means for the Dollar

Thu, 15 Oct 2026 00:00:00 EST

Why China Is Buying Gold — and What It Means for the Dollar

China’s growing gold reserves reflect a broader effort to reduce reliance on the U.S. dollar, a shift that could have significant consequences for the American economy and the global monetary system.

China is accumulating gold as governments around the world reconsider their dependence on the U.S. dollar. While the dollar remains the dominant international reserve currency, rising American debt and the use of financial sanctions as a foreign policy tool have given countries additional reasons to diversify their reserves.

In this week’s Midweek Memo, Money Metals’ Mike Maharrey explores the motivations behind China’s gold-buying spree, the broader movement toward de-dollarization, and the potential consequences for the United States. He also examines how Hong Kong’s ambitions to become a major global gold-trading center could strengthen the Chinese yuan’s role in international commerce.

Why China Is Accumulating Gold

China’s gold purchases have attracted increasing attention as its central bank continues to expand its reported reserves. Maharrey argues that the motivation goes beyond simply investing in a valuable commodity: Beijing wants to reduce its dependence on the dollar.

Gold offers governments an alternative reserve asset that does not represent another country’s financial liability. Unlike dollar-denominated securities, physical gold does not depend on the continued performance of a foreign government or financial institution.

Maharrey also points to reports suggesting that China’s actual gold holdings could exceed its officially disclosed reserves. Although the precise size of any undisclosed holdings is uncertain, the possibility highlights the difficulty of determining exactly how much gold some central banks possess.

The broader trend extends beyond China. Central banks have increasingly turned to gold as they reassess the composition of their reserves and the risks associated with relying heavily on a single currency.

The Two Forces Driving De-Dollarization

Maharrey identifies two major concerns encouraging countries to reduce their dependence on the dollar: America’s growing national debt and the use of the dollar-based financial system as a geopolitical instrument.

Mounting U.S. Debt

The United States relies heavily on borrowing to finance government spending. Its position in the global financial system helps sustain demand for U.S. Treasury securities and dollar-denominated assets, making it easier for the government to finance persistent deficits.

However, Maharrey argues that continued borrowing creates long-term risks. If foreign governments and investors become less willing to hold dollars and Treasury securities, the United States could face higher borrowing costs and greater pressure on its currency.

The dollar’s international role has helped the U.S. government finance its spending, but that advantage depends partly on continued global demand for dollar-denominated assets.

The Weaponization of the Dollar

The second concern is geopolitical. The United States can use its influence over the international financial system to impose sanctions, restrict access to dollar transactions, and freeze certain foreign-held assets.

These measures can serve American foreign policy objectives, but they can also encourage other governments to seek alternatives.

From the perspective of countries concerned about potential sanctions, holding assets outside the dollar-based system can provide a measure of financial independence. Gold is particularly attractive because it can be held directly rather than through another government’s financial obligations.

Maharrey argues that the use of the dollar as a foreign policy tool may therefore accelerate the very diversification that could eventually weaken its international position.

Why a Weaker Dollar System Could Affect Americans

The dollar’s reserve-currency role creates demand for U.S. currency and dollar-denominated assets around the world. That demand helps support the American financial system and provides the government with greater flexibility to borrow and spend.

Maharrey warns that a sustained decline in global demand for dollars could create significant economic challenges.

If international investors and governments reduce their dollar holdings, the currency could face additional downward pressure. A weaker dollar would make imported goods more expensive, potentially adding to inflationary pressures for American consumers.

The effects would depend on the pace and scale of de-dollarization, as well as how financial markets and policymakers respond. A gradual diversification of reserves would not necessarily trigger a currency crisis, but a sharp loss of confidence could have more disruptive consequences.

The central point is that the dollar’s international standing provides economic advantages that Americans can easily take for granted. A meaningful erosion of those advantages could make it more difficult to finance government deficits and preserve purchasing power.

Hong Kong’s Bid to Become a Global Gold Hub

China’s efforts to expand its influence in the gold market extend beyond its central bank reserves. Maharrey highlights Hong Kong’s initiatives to establish itself as a major center for physical gold trading and settlement.

These efforts include expanding gold storage capacity and developing yuan-denominated futures and trading infrastructure.

The currency used to price and settle gold transactions matters. If a growing share of international gold trading takes place in yuan rather than dollars, it could help expand the Chinese currency’s use in global commerce.

Hong Kong’s ambitions therefore connect the physical gold market with China’s broader financial objectives. A larger gold-trading ecosystem could attract more participants, deepen yuan-based financial markets, and provide another avenue for countries and businesses to conduct transactions outside the traditional dollar system.

It would not automatically displace the dollar, but it could contribute to a more diversified international monetary system.

Gold’s Role in a Changing Monetary Order

Maharrey’s discussion returns to a fundamental distinction between gold and fiat currencies. Governments can create currency and issue debt, but the supply of gold cannot be expanded through a monetary policy decision.

Gold also carries no promise from a foreign government to repay principal or interest. That characteristic can make it appealing to central banks seeking to diversify their reserves and reduce exposure to financial and geopolitical risks.

However, gold prices can fluctuate considerably, and its suitability as an investment depends on an investor’s objectives, time horizon, and tolerance for risk. Maharrey emphasizes that value is subjective and that an asset’s usefulness depends partly on what an individual is trying to achieve.

For central banks, the calculation is different from that of a short-term investor. Gold can serve as a reserve asset intended to preserve purchasing power and provide diversification over longer periods.

Silver also has a place in the broader precious-metals market, although its substantial industrial demand gives it a different set of price drivers.

The Long-Term Implications for the Dollar

China’s gold accumulation is part of a larger debate about the future of the international monetary system. Rising debt, geopolitical tensions, and efforts to expand alternative payment and settlement networks are encouraging some countries to reconsider their reliance on the dollar.

The dollar remains deeply embedded in global trade and finance, and a rapid loss of its dominant position is not inevitable. Nevertheless, even gradual diversification could have consequences for the United States if it reduces foreign demand for dollar-denominated assets over time.

For Maharrey, the trend reinforces the importance of understanding how monetary systems work and how currency depreciation can affect long-term savings.

As central banks continue to accumulate gold and countries explore alternatives to dollar-based transactions, precious metals are likely to remain part of the conversation about financial resilience and the preservation of purchasing power.

What Is 24k Gold - Gold Karat and Purity Chart From 24k to 10k - Is 24k Gold Pure, 22k vs 24k Gold, and Karat Stamps Explained - Money Metals

Wed, 14 Oct 2026 00:00:00 EST

Technically speaking, 24k gold is gold with nothing purposefully mixed in. All 24 of its 24 parts are gold. In the real world, however, such gold is practically impossible to come by. Instead, you usually see gold sold as .999 or .9999 fine, not as a perfect 100%. The Royal Canadian Mint puts 24k at “around 99.9% pure gold.”

Many guides skip over a crucial distinction. Karat tells you what the gold is mixed with; it does not tell you how much gold you own. A 1 oz 22k https://www.moneymetals.com/buy/gold/american-gold-eagle";>American Gold Eagle and a 1 oz 24k https://www.moneymetals.com/buy/gold/coins/gold-american-buffalo";>American Gold Buffalo each hold one troy ounce of gold. The chief difference is that the Eagle contains some silver and copper in its alloy.

What Does 24 Karat Mean?

A karat is one part out of 24. The number tells you how many of those 24 parts are gold. 18k gold is 18 parts gold and 6 parts other metal, or 75% gold. 24k gold is 24 parts gold, with no room left for anything else.

To turn a karat into a percentage, divide it by 24:

22k: 22 ÷ 24 = 0.9167, or 91.67% gold
14k: 14 ÷ 24 = 0.5833, or 58.33% gold

You can convert the percentage to karats by multiplying the fineness by 24. A stamp of 916 means 0.916 x 24 = 21.98. That rounds to 22k.

Why the Scale Stops at 24

The 24-part system likely comes from ancient Rome. In circa 309 AD, Emperor Constantine I began to mint a gold coin called the solidus. The coin weighed 24 siliquae, which was a tiny unit of measurement linked to the carob seed. Many believe that the coin is https://en.wikipedia.org/wiki/Fineness";>the origin of the karat.

Since 24 parts make up the whole, the scale cannot go higher. If you see “48 karat gold” online, it is not a real grade.

Karat vs Carat

In the US, karat (with a k) measures gold purity. Carat (with a c) measures the weight of gemstones. One gem carat equals https://en.wikipedia.org/wiki/Carat_(mass)">200 milligrams. Some countries use "carat" for both. Britain's Royal Mint, for example, calls the Sovereign a https://www.royalmint.com/stories/sovereign/the-sovereign-in-the-first-world-war/";>22 carat gold coin.

Gold Karat and Purity Chart

This chart lists the common karats. It shows the gold content of each one and the stamp you will usually see.

Karat	Parts gold	Gold content	Common stamp	Where you see it
24k	24 of 24	99.9% to 99.99% in practice	999 or 9999	Gold bars, Buffalo, Maple Leaf
22k	22 of 24	91.67%	916	Gold Eagle, Krugerrand, Sovereign
21k	21 of 24	87.5%	875	Jewelry
20k	20 of 24	83.33%	833	Jewelry
18k	18 of 24	75%	750	Jewelry
14k	14 of 24	58.33%	585 or 583	Jewelry
10k	10 of 24	41.67%	417	Jewelry
9k	9 of 24	37.5%	375	Jewelry

Stamps are rounded, which means they do not always match the math. 14 ÷ 24 works out to 583.3 parts per thousand. However, you will usually see 585 on 14k gold. That puts the stamp a little above the line. 22k works out to 916.7, and it is stamped 916.

What Karat Is My Gold Stamp?

Some gold carries a number instead of a karat mark. That number shows gold content in parts per thousand. A four-digit stamp such as 9999 is in parts per ten thousand. Use this table to convert a stamp to karats.

Stamp	Gold content	Karat	Where it shows up
9999	99.99%	24k	Buffalo, Maple Leaf, many bars
999	99.9%	24k	Many bars and rounds
995	99.5%	23.9k	Minimum for London Good Delivery bars
958	95.8%	23k	Rare
916	91.6%	22k	Gold Eagle, Krugerrand, Sovereign
900	90%	21.6k	$20 Saint-Gaudens and many older US gold coins
875	87.5%	21k	Jewelry
750	75%	18k	Jewelry
585	58.5%	14k	Jewelry
417	41.7%	10k	Jewelry
375	37.5%	9k	Jewelry

Watch for two common mix-ups. A 995 bar is not quite 24k. It works out to 23.9k. And a .900 coin is 21.6k, not 21k. True 21k gold is 875.

Is 24k Gold Pure?

24k gold is as pure as gold gets in the market, but that does not make it 100% pure. Perfect purity, where gold is 24 parts gold, is very https://en.wikipedia.org/wiki/Fineness";>hard to reach. Because of that, most people set the bar a little lower for gold products. However, sources set the limit in different places:

The https://www.mint.ca/en/lets-talk-bullion/what-are-gold-karats";>Royal Canadian Mint says 24k is “typically around 99.9% pure gold.”
https://en.wikipedia.org/wiki/Fineness";>Wikipedia says the 24 karat label is “permitted in commerce for a minimum of 99.95% purity.”
The FTC’s guides treat 24 karat as “fine” gold. A federal law then allows a small shortfall from any mark (more on that below).

In practice, 24k bullion comes in two common grades:

.999 fine (“three nines”): 99.9% gold
.9999 fine (“four nines”): 99.99% gold

The gap between them is small. Our guide to https://www.moneymetals.com/investment/what-is-fine-gold";>fine gold explains when it matters.

The large bars that banks trade in London need even less. Under https://www.lbma.org.uk/publications/the-otc-guide/london-good-delivery-gold-and-silver";>LBMA Good Delivery rules, the minimum fineness is 995.0 parts per thousand. That is 23.9k on the karat scale.

This is why bullion is sold by fineness, not karat. Fineness is a more precise metric. The Royal Canadian Mint says that is part of the reason bullion uses it.

What a Karat Stamp Legally Means in the US

Two federal rules govern gold marks in the US. Both are worth knowing before you buy.

The FTC Jewelry Guides

The FTC’s https://www.ecfr.gov/current/title-16/chapter-I/subchapter-B/part-23/section-23.3";>Jewelry Guides at 16 CFR 23.3 cover the word “gold.” Calling an item “gold” with no karat is misleading unless it is “composed throughout of fine (24 karat) gold.”

Anything below 24k must show its karat right before the word “gold.” That karat mark must be just as easy to see. So “14k Gold” is fine. Plain “Gold” on a 14k ring is not.

The guides’ own examples include a “9 K” mark. So, while 10k is the lowest common karat grading, there can occasionally be lower karat gold items sold in the jewelry market.

The Gold and Silver Stamping Act

The https://www.law.cornell.edu/uscode/text/15/295";>National Gold and Silver Stamping Act sets how close the metal must be to its mark. Tested without solder, gold can fall no more than 3 parts per thousand below its stamp. If you test the whole piece with its solder, the limit is 7 parts per thousand. Watchcases and flatware must meet the 3-part limit either way.

Let’s look at an example, using a 14k ring. If you do the math, you would find that a 14k ring has 583 gold parts per thousand. Without solder, the ring must test at 580 or higher. With its solder included, it must test at about 576 or higher.

22k vs 24k Gold: Same Ounce, Different Mix

Investors ask this question a lot when it comes to gold bullion coins. Does a 22k coin give you less gold than a 24k coin of the same size? For US bullion coins, the answer is no.

The https://www.moneymetals.com/buy/gold/american-gold-eagle";>American Gold Eagle is 22k. The https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>US Mint lists it as 91.67% gold, 3% silver, and the rest copper. It weighs 33.931 grams, or 1.0909 troy ounces. Federal law, https://www.law.cornell.edu/uscode/text/31/5112";>31 U.S.C. 5112, says that it “contains one troy ounce of fine gold.”

In contrast, the https://www.moneymetals.com/buy/gold/coins/gold-american-buffalo";>American Gold Buffalo qualifies as a 24k item with 99.99% gold. The coin weighs 31.103 grams, equaling one troy ounce. These were the first .9999 fine 24-karat gold coins ever struck by the US Mint.

To find the grams of gold in an Eagle, multiply 33.931 grams x 0.9167. Doing so gets 31.10 grams of gold. That equates to https://www.moneymetals.com/measurement/how-many-grams-in-1-oz-of-gold";>one troy ounce of gold, the same as a Gold Buffalo. The remainder, an extra 2.8 grams, comes from the alloyed silver and copper.

	American Gold Eagle	American Gold Buffalo
Karat	22k	24k
Total weight	33.931 g	31.103 g
Gold	31.10 g (1 troy oz)	31.10 g (1 troy oz)
Silver	About 1.02 g	None added
Copper	About 1.81 g	None added

So when you compare these coins, you are not comparing ounces of gold. You are comparing price, durability, and resale demand. For a full breakdown, see https://www.moneymetals.com/bullion/american-gold-eagle-vs-american-buffalo-gold-coins";>Gold Eagle vs Gold Buffalo. We also compare https://www.moneymetals.com/bullion/krugerrand-vs-american-gold-eagle";>Krugerrand vs Gold Eagle and https://www.moneymetals.com/bullion/krugerrand-vs-canadian-gold-maple-leaf";>Krugerrand vs Maple Leaf.

What Is 22k Gold?

22k gold is 22 parts gold and 2 parts other metal, or 91.67% gold. Its usual stamp is 916. The added metal makes it harder than 24k gold, so it https://www.moneymetals.com/bullion/krugerrand-vs-american-gold-eagle";>resists scratches better. The https://www.moneymetals.com/buy/gold/coins/krugerrand-south-african-mint";>Krugerrand and the British https://www.royalmint.com/sovereign/weight/4";>Sovereign are also 22k.

Some Older Coins Hold Less Than an Ounce

Karat can also tell you that a coin falls short of a full ounce. The $20 Saint-Gaudens Double Eagle, struck from 1907 to 1933, is https://www.pcgs.com/coinfacts/coin/1928-20/9189";>90% gold and 10% copper. That is .900 fine, or 21.6k. Each coin holds https://www.moneymetals.com/buy/gold/pre-1933-gold-coins/saint-gaudens-double-eagle";>0.9675 troy ounces of gold, a little less than one ounce.

What Karat Are Gold Bars and Coins?

Most investment gold is 22k or 24k. Here is how popular products compare.

Product	Fineness	Karat	Gold per coin or bar
https://www.moneymetals.com/buy/gold/bars";>Most gold bars	.999 or .9999	24k	Varies by size
https://www.lbma.org.uk/publications/the-otc-guide/london-good-delivery-gold-and-silver";>LBMA Good Delivery bars	.995 minimum	23.9k or higher	Large bars
https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>American Gold Eagle	.9167	22k	1 troy oz
https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>American Gold Buffalo	.9999	24k	1 troy oz
https://www.moneymetals.com/buy/gold/canadian-gold-coins/canadian-gold-maple-leaf";>Canadian Gold Maple Leaf	.9999	24k	1 troy oz
https://en.wikipedia.org/wiki/Krugerrand";>South African Krugerrand	.9167	22k	1 troy oz
https://www.royalmint.com/invest/discover/invest-in-gold/the-benefits-of-the-britannia-bullion-coin/";>British Gold Britannia (2013 on)	.9999	24k	1 troy oz
https://www.royalmint.com/sovereign/weight/";>British Sovereign	.9167	22k	0.2354 troy oz
https://www.muenzeoesterreich.at/eng/produkte/1-ounce-gold-vienna-philharmonic-coin";>Austrian Philharmonic	.9999	24k	1 troy oz
https://www.pcgs.com/coinfacts/coin/1928-20/9189";>$20 Saint-Gaudens (1907 to 1933)	.900	21.6k	0.9675 troy oz

Gold bars are the simplest case. Most are .999 or .9999 fine, which is 24k. Coins split between 22k and 24k. The Britannia shows how this can change. The Royal Mint struck it in 22 carat gold from 1987 and has used https://www.royalmint.com/invest/discover/invest-in-gold/the-benefits-of-the-britannia-bullion-coin/";>24 carat gold since 2013.

"24k Gold Plated" and "Gold Filled" Are Not 24k Gold

Labels like “24k gold plated” can fool new buyers. A plated item has a thin layer of gold over a cheaper base metal. The https://www.ecfr.gov/current/title-16/chapter-I/subchapter-B/part-23/section-23.3";>FTC Jewelry Guides set the rules for these terms:

Gold electroplate: a layer of at least 10k gold, equal to at least 0.175 microns of fine gold. That is about 7 millionths of an inch.
Heavy gold electroplate: a layer equal to at least 2.5 microns of fine gold.
Gold plate or gold overlay: at least 10k gold bonded to the base metal. It must make up at least 1/40 of the item’s metal weight.
Gold filled: the same, but making up at least 1/20 of the item’s metal weight.

So a “24k gold plated” item has a 24k surface. However, the item itself holds very little gold. That’s fine when it comes to jewelry and appearances. It does not qualify as high-purity gold though, which matters for investors seeking gold bullion. For investing, look for solid coins and bars with a clear fineness mark.

How to Check What Karat Your Gold Is

The first place to look for gold karat is the stamp. The karat mark will either be a number followed by a K (14K, for example), or a number like 585 or 999. Then use the charts above to read it.

A stamp is not proof of fineness; it is just a stamp. Dealers test gold with tools like X-ray (XRF) scanners and density checks. Pure gold has a specific gravity of https://geology.com/minerals/gold.shtml";>19.3, so fakes made of lighter metals often weigh wrong for their size. For step-by-step methods, see our guide on https://www.moneymetals.com/guides/how-to-test-gold-and-silver-at-home";>how to test gold and silver at home.

If you have gold to sell, see how to https://www.moneymetals.com/sell-to-us";>sell your gold to Money Metals.

The Bottom Line

24k gold means fine gold, sold as .999 or .9999 pure. The crucial thing to note about karat numbers is that they tell you the mix, not the amount of gold you own. A 22k Gold Eagle and a 24k Gold Buffalo hold the same ounce. Before you purchase gold, make sure you know the fineness and the gold content, not just the karat.

Frequently Asked Questions

Pure gold is 24 karat. All 24 parts are gold. In practice, 24k gold is sold as .999 or .9999 fine.

No. 24k gold is usually 99.9% to 99.99% gold. Perfect 100% gold is very hard to make, so markets use .999 and .9999 as the top grades.

No. The karat scale counts parts out of 24, so 24k is the top. Anything sold as "48k" is not a real grade.

20k gold is 20 parts gold and 4 parts other metal. That is 83.33% gold. Its stamp is usually 833.

24k gold is soft. Gold rates only https://geology.com/minerals/gold.shtml";>2.5 to 3 on the Mohs hardness scale, so it scratches and bends easily. The https://periodic-table.rsc.org/element/79/gold";>Royal Society of Chemistry notes that 18 and 9 karat alloys are common because they hold up better.

No. Pure gold is https://periodic-table.rsc.org/element/79/gold";>chemically unreactive and does not corrode. Lower karats can darken over time because of the copper or silver mixed in.

Per gram of metal, yes, because each gram of 24k holds more gold. Per ounce of gold, no. A 22k Gold Eagle and a 24k Gold Buffalo both hold one troy ounce. Any price gap between them comes from premiums and demand, not gold content.

24k gold follows the gold spot price. See the live https://www.moneymetals.com/gold-price";>gold price, or check the https://www.moneymetals.com/gold-price/gram";>gold price per gram for 24k, 22k, 18k, 14k, and 10k gold.

China Is Stacking Gold! Why?

Wed, 14 Oct 2026 00:00:00 EST

China is stacking gold.

Why?

In this episode of the Midweek Memo podcast, host Mike Maharrey takes a deep dive into Chinese central bank gold buying, pinpointing the reason China is rapidly expanding its gold holdings.

Simply put, it doesn't want to depend on dollars.

Mike also explains that the de-dollarization trend goes well beyond China and could have significant ramifications for the U.S. economy.

!!--Product-Random-Best-All--!!

Mike opens the show recounting an "inane" debate he had on Facebook this week.

"It was about music. Somebody erroneously claimed the 80s was the worst decade for music. This is clearly false. It was objectively the best era for music!

"Well, at least I think it was.

"But my opinion isn’t objective, is it? It is purely subjective. It’s my opinion. Your opinion may be completely different. And herein we swerve into a fundamental economic truth.

"Value is subjective!

"There is no right or wrong answer as to which decade had the best music. It’s a matter of taste."

Mike explains that the subjectivity of value makes economic transactions possible.

"This is what makes free markets work. Some people value some things more than others. You might think apples are the best fruit. I might think it's bananas. Neither of us is wrong! And the good news is we can cooperate and make both our lives better. If I have a bunch of apples I don’t want, and you have a bunch of bananas, we can trade. You give up the bananas you value less, I give up the apples that I value less, and we both get something we value more. We both walk away happy and feeling like we got the better of the deal."

Mike says he brought this up because somebody recently told him, "Gold is a horrible investment," noting that the yellow metal has lost over $1,000 this year.

"In a sense, he’s right. If your investment horizon is nine or 10 months, gold was a horrible investment this year. If you’ve been holding gold since the 90s, you probably look at things a little bit differently. My point is, gold may or may not be a good investment for you depending on your goals, your time horizon, your risk profile, and a billion other factors. But it might be a fantastic investment for me right now. Value is subjective."

As Mike explains, there are some objectively good reasons to own gold.

"You don’t want to save in fiat money over the long term because it is objectively a bad way to save due to constant currency depreciation. If you save in dollars, you know they will be worth less next year. That’s because the stated plan is to devalue the dollar by at least 2 percent annually. That means you lose a little more than 10 percent of your purchasing power every five years as a matter of policy. Why would anybody save dollar KNOWING they will buy less?"

Before leaving the subject of value, Mike explains why the Marxist labor theory of value falls apart.

"The problem is the amount of labor that goes into a good, or service, has nothing to do with its value. That is determined by the consumer and what she’s willing to pay."

Mike uses a mud pie example to drive home his point.

Mike then pivots to the subject of China, noting that the country has bought a lot of gold, both officially and in secret. He points out that the mainstream has noticed this phenomenon and has started asking questions. He specifically highlights a recent CNBC article that declared, "That buying spree reflects Beijing’s push to cut its dependence on the dollar.”

Mike points out that China is part of a broader https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898";>de-dollarization trend, driven by two broad concerns -- one economic and the other geopolitical.

The https://www.moneymetals.com/news/2026/08/20/the-40-trillion-national-debt-in-perspective-005151";>ever-increasing U.S. debt, with no sign the government has any intention of rolling back the spending
https://www.moneymetals.com/news/2024/02/29/could-weaponization-of-the-dollar-as-a-foreign-policy-billy-club-accelerate-de-dollarization-003013";>The weaponization of the dollar as a foreign policy tool.

Mike explains the dynamics behind both worries.

But why does this matter?

Mike explains that if the de-dollarization trend continues, it spells big trouble for the U.S. – even if the dollar maintains its reserve status.

"Simply put, the United States depends on the global demand for dollars to underpin its bloated government. De-dollarization threatens an inflation tsunami as those unwanted dollars make their way back to the U.S."

Mike draws the logical conclusion.

"And this, ladies and gentlemen, comes back to my earlier point about saving in dollars. You don’t want to do that – not in the long run. Unless, of course, you value your money losing value."

!!--Product-Random-Featured-All--!!

Mike wraps up the show explaining how Hong Kong's push to become a global gold hub is boosting the yuan and could further exacerbate de-dollarization, pointing out an S&P Global Ratings analyst who said, “As those [gold] trading volumes [in Hong Kong] grow, there would be a growing volume of the physical gold trade that is denominated in RMB and not linked in USD.”

Mike highlights several of the initiatives Hong Kong has taken to raise its stature as a gold hub, including yuan-denominated futures contracts and expanded valuting capacity.

Mike quotes Nanhua Futures head of precious metals and new energy research Xia Yingying, who said gold accumulation by China and other central banks will “reduce global reliance” on U.S. Treasuries and dollar reserves.

“In the medium to long term, it will gradually weaken the U.S. dollar’s monopolistic position in the global reserve system.”

And Mike points out, "We’ve already discussed why that’s a problem."

Mike closes with a call to action, urging listeners to call 800-800-1865 and talk to a Money Metals precious metals specialist today.

Articles Mentioned in the Show

https://www.moneymetals.com/news/2024/02/29/buy-gold-and-silver-to-hedge-against-counterparty-risk-003015";>Buy Gold and Silver to Hedge Against Counterparty Risk

https://www.moneymetals.com/news/2026/07/09/hong-kong-launches-gold-settlement-system-to-challenge-western-dominance-005050";>Hong Kong Launches Gold Settlement System to Challenge Western Dominance

https://www.moneymetals.com/news/2025/04/02/chinas-gold-reserves-going-through-the-roof-003956";>China's Gold Reserves Going Through the Roof

How Many Grams in an Ounce of Silver - 31.1035 Grams per Troy Ounce, Not 28.35 - 1 oz Coin Weight vs Pure Silver, Fineness, and Ounce to Gram Charts - Money Metals

Tue, 13 Oct 2026 00:00:00 EST

An ounce of silver weighs 31.1035 grams. That is because precious metals are measured in troy ounces. Standard daily ounces, also known as avoirdupois ounces, weigh 28.35 grams.

According to the https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST Handbook 44 unit tables, one troy ounce equals exactly 31.1034768 grams. That means troy ounces weigh about 2.75 grams more than the standard ounce.

Here are the key conversions, all drawn from https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST Handbook 44:

1 troy ounce = 31.1035 grams
1 gram = 0.0322 troy ounces
1 kilogram = 32.15 troy ounces
1 troy ounce = 480 grains = 20 pennyweights

This distinction matters every time you buy, sell, or weigh silver. Both the https://www.lbma.org.uk/publications/the-otc-guide/the-price";>LBMA and the https://www.cmegroup.com/markets/metals/precious/silver.contractSpecs.html";>CME Group quote precious metals prices per troy ounce, so using the wrong ounce would throw off your calculations by almost 10%.

Troy Ounce vs. Standard Ounce: Why 28.35 Grams Is the Wrong Answer

The United States uses two different ounces in daily life. The standard ounce, formally called the avoirdupois ounce, appears on food labels and postage scales. The troy ounce is reserved for precious metals, most frequently seen in gold and silver.

According to https://www.britannica.com/science/troy-weight";>Britannica, troy units have been used to weigh precious metals since the Middle Ages. Many believe it takes its name from the medieval French city of Troyes, a major trading hub. The modern bullion coin system retained that measurement system in deference to tradition.

Same Grain, Different Count

Both ounces are built from the same small unit of measurement, called the grain. https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST defines one grain as exactly 64.79891 milligrams in both systems. The chief difference is how many grains each ounce contains.

A troy ounce contains 480 grains, which equals 31.1034768 grams, while a standard ounce contains 437.5 grains, which equals 28.349523125 grams. Because both values come from an exact definition, the troy figure is precise rather than a rounded estimate. As a result, a troy ounce is approximately 9.7% heavier than a standard ounce.

Unit	Troy	Standard (Avoirdupois)
Grains per ounce	480	437.5
Grams per ounce	31.1035	28.3495
Ounces per pound	12	16
Grams per pound	373.24	453.59

Source: https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST Handbook 44, Appendix C.

How Many Ounces Are in a Pound of Silver?

Here is the surprising part: although the troy ounce is heavier, the troy pound is actually lighter, because it contains only 12 ounces instead of 16. Based on https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST’s conversion tables, a standard pound of silver equals 14.58 troy ounces, while a troy pound equals exactly 12 troy ounces. If someone offers to sell you “a pound of silver,” it is worth asking which pound they mean before you agree on a price.

Silver Ounces to Grams Conversion Chart

To convert troy ounces into grams, multiply the number of ounces by 31.1035. Conversely, you can convert grams into troy ounces by dividing by the same number. The chart below handles the math for the most common sizes, ranging from small fractional coins to large investment bars.

Troy Ounces	Grams	Kilograms	Standard Pounds
1/10	3.11	0.003	0.007
1/4	7.78	0.008	0.017
1/2	15.55	0.016	0.034
1	31.10	0.031	0.069
2	62.21	0.062	0.137
5	155.52	0.156	0.343
10	311.03	0.311	0.686
50	1,555.17	1.555	3.429
100	3,110.35	3.110	6.857
1,000	31,103.48	31.103	68.571

The figures in this chart are calculated from https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST conversion factors.

A https://www.moneymetals.com/measurement/how-many-grams-in-1-oz-of-gold";>1 oz gold coin also weighs 31.1035 grams because every precious metal uses the same troy ounce. The metal may change, but the measurement does not.

Silver Gram Bars to Troy Ounces

Many refiners also produce silver bars in metric sizes, and you can browse the available options in our https://www.moneymetals.com/buy/silver/bars/silver-gram-bars";>silver gram bars section. The following table shows each common gram size compares to troy ounces.

Grams	Troy Ounces
1	0.032
5	0.161
10	0.322
20	0.643
50	1.608
100	3.215
250	8.038
500	16.075
1,000 (1 kilo)	32.151

The figures in this chart are calculated from https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST conversion factors.

Notice that 30 grams of silver equals only 0.96 troy ounces. That falls just short of a full ounce, while a 1-kilo bar contains just over 32 troy ounces. Our guide to https://www.moneymetals.com/measurement/how-many-troy-ounces-in-a-kilo";>how many troy ounces are in a kilo explains kilo bars in more detail.

How Much Should a 1 oz Silver Coin Weigh? Coin Weight vs. Pure Silver

A coin’s total weight and its silver content are two separate measurements. Mixing them up can lead to notable errors in silver math.

Total weight, sometimes called gross weight, includes everything in the coin. In contrast, pure silver content counts only the silver itself. Since each mint publishes these figures a little differently, it is often best to read the official specifications closely.

Coin	Total Weight	Fineness	Pure Silver	Diameter
https://www.moneymetals.com/buy/silver/coins/american-silver-eagle";>American Silver Eagle	31.103 g	.999	31.07 g	40.6 mm
https://www.moneymetals.com/buy/silver/coins/canadian-silver-maple-leaf";>Canadian Silver Maple Leaf	31.11 g	.9999	31.11 g	38 mm
https://www.moneymetals.com/buy/silver/coins/silver-britannia";>British Silver Britannia	Not listed by the Royal Mint	.999	31.10 g (1 troy oz)	38.61 mm

Sources: https://www.law.cornell.edu/uscode/text/31/5112";>31 U.S.C. § 5112(e) and the https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>U.S. Mint for the Silver Eagle; the https://www.mint.ca/en/shop/coins/2024/2024-5-1-oz-9999-pure-silver-coin-sml-bullion";>Royal Canadian Mint for the Maple Leaf; https://www.royalmint.com/invest/bullion/bullion-coins/silver-coins/bb26s1c-britannia-2026-1oz-silver-bullion-coin/";>The Royal Mint for the Britannia. Pure silver equals total weight multiplied by fineness.

Three Mints, Three Ways to Say "One Ounce"

The https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>U.S. Mint lists the American Silver Eagle at 1.000 troy ounce (31.103 grams) of 99.9% silver. Multiplying those figures shows that the coin contains about 31.07 grams of pure silver, or roughly 0.999 troy ounces.

By comparison, the https://www.mint.ca/en/shop/coins/2024/2024-5-1-oz-9999-pure-silver-coin-sml-bullion";>Royal Canadian Mint lists the Silver Maple Leaf at 31.11 grams of 99.99% silver. That works out to roughly 31.11 grams of pure silver, slightly more than one troy ounce.

https://www.royalmint.com/invest/bullion/bullion-coins/silver-coins/bb26s1c-britannia-2026-1oz-silver-bullion-coin/";>The Royal Mint takes yet another approach, listing the Britannia by its pure metal content of 1 troy ounce at 999 fineness without publishing a total weight.

The difference in pure silver across all three coins amounts to 0.035 grams. That is far too small to affect a coin’s value in any meaningful way. The comparison does clear up a frequent error, though: a .999 coin that weighs 31.1035 grams cannot also contain 31.1035 grams of pure silver. This is because 0.1% of its weight is something other than silver.

Our guide to the https://www.moneymetals.com/bullion/american-silver-eagle-vs-canadian-silver-maple-leaf";>American Silver Eagle vs. Canadian Silver Maple Leaf provides a closer look at how the Silver Eagle and Maple Leaf compare. Take a look if you’re unsure which coin you want to buy.

Grams of Pure Silver per Ounce, by Fineness

Fineness describes what portion of an item is pure silver. It is usually expressed as a decimal like .999 or .925. To calculate the pure silver in one troy ounce of any material, multiply 31.1035 grams by its fineness. This method works equally well for bullion, sterling silverware, and older U.S. coins.

Fineness	Where You'll See It	Pure Silver per Troy Ounce
.9999	https://www.mint.ca/en/shop/coins/2024/2024-5-1-oz-9999-pure-silver-coin-sml-bullion";>Silver Maple Leaf	31.10 g
.999	https://www.law.cornell.edu/uscode/text/31/5112";>Silver Eagle and https://www.moneymetals.com/1-ounce-silver-bar-999-pure-secondary-market/2171";>1 oz silver bars	31.07 g
.958	https://www.coinworld.com/news/world-coins/royal-mint-adopting-pure-gold-silver-for-brit.html";>Silver Britannia before 2013	29.80 g
.925	https://www.ecfr.gov/current/title-16/chapter-I/subchapter-B/part-23";>Sterling silver	28.77 g
.900	https://www.moneymetals.com/buy/silver/junk-silver";>U.S. dimes, quarters, and halves dated 1964 and earlier	27.99 g
.400	https://www.moneymetals.com/buy/silver/junk-silver/40-silver";>Kennedy half dollars, 1965 to 1970	12.44 g
.350	https://www.moneymetals.com/bullion/silver-nickel-years";>War nickels, 1942 to 1945	10.89 g

The U.S. Mint documents the https://www.usmint.gov/learn/history/historical-documents/first-striking-of-half-dollars-from-new-coinage-material";>1965 change to 40% silver half dollars, and https://www.ngccoin.com/price-guide/series-detail.aspx?MVDetailID=1&;amp;Series=Jefferson-Nickel-Wartime-Silver-Alloy">NGC lists the wartime nickel alloy at 35% silver.

How Many Grams Are in an Ounce of Sterling Silver?

A troy ounce of sterling silver still weighs 31.10 grams. The difference is that only 92.5% of that weight is silver.

The https://www.ecfr.gov/current/title-16/chapter-I/subchapter-B/part-23";>FTC’s Jewelry Guides state that a seller cannot describe an item as “sterling” unless it contains at least 925 parts per 1,000 of pure silver. As a result, one troy ounce of sterling holds approximately 28.77 grams of pure silver.

What About Old Silver Dimes?

A pre-1965 U.S. dime weighs 2.5 grams and contains 90% silver. That leaves 2.25 grams of pure silver, equivalent to roughly 0.0723 troy ounces. That means it takes close to 13.8 https://www.moneymetals.com/buy/silver/junk-silver/90-silver-dimes";>90% silver dimes to equal one troy ounce of pure silver.

How to Weigh Silver at Home: What Your Scale Should Read

If you place a 1 oz Silver Eagle on a kitchen scale, it may appear to be overweight, but it isn't. Kitchen scales measure in standard ounces, so a troy ounce of silver reads roughly 10% heavier than expected.

The solution is simple: switch your scale to grams or troy ounces before weighing any precious metal. Many scales have an ozt setting, which you can use to measure your silver in troy ounces. The table below shows what a genuine Silver Eagle should read on each common scale setting.

Scale Setting	Reading for a 1 oz Silver Eagle
Grams (g)	31.10
Troy ounces (ozt)	1.000
Standard ounces (oz)	1.097
Pennyweights (dwt)	20.0
Grains (gr)	480

Based on the Silver Eagle's https://www.law.cornell.edu/uscode/text/31/5112";>31.103-gram specification and https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST conversion factors.

Quick Checklist for Weighing Silver

Use a digital scale that measures to at least 0.01 gram.
Set the scale to grams or troy ounces, never standard ounces.
Remove the coin from its capsule or plastic flip before weighing it.
Compare the reading to the official mint specifications in the coin table above.
Measure the diameter with calipers, since a Silver Eagle should measure https://www.law.cornell.edu/uscode/text/31/5112";>40.6 millimeters across.
Treat weight as one useful check rather than proof of authenticity, and buy from a dealer you trust.

Silver Price per Gram and Melt Value: The Math

Silver's spot price is quoted in U.S. dollars per troy ounce, according to the https://www.cmegroup.com/markets/metals/precious/silver.contractSpecs.html";>CME Group. To calculate the value of silver in other units, use the following formulas:

Price per gram = spot price ÷ 31.1035
Price per kilogram = spot price × 32.1507
Melt value of a coin = spot price × troy ounces of pure silver

Let’s break this down using an example with a round, hypothetical number. Let’s say silver is trading at $50 per troy ounce. In that scenario, one gram would be worth about $1.61, and one kilogram would be worth about $1,607.54.

Since a Silver Eagle contains 0.999 troy ounces of pure silver, its melt value at that price would be approximately $49.95. You can check the https://www.moneymetals.com/silver-price";>live silver price per gram to run these calculations with today's numbers.

Keep in mind that these figures only reflect the metal value. Physical coins and bars sell for more than their metal value since they include a premium over spot. Those premiums cover minting, distribution, and dealer costs. This example is provided for educational purposes and is not investment advice.

Why Silver Is Weighed in Troy Ounces

Troy weight has a long history. https://www.britannica.com/science/troy-weight";>Britannica explains that the troy grain, pennyweight, and ounce have been used since the Middle Ages to weigh gold, silver, and precious stones, and that the name likely comes from Troyes, a French city that hosted one of the major medieval trade fairs.

The United States formally adopted troy weight for its coinage in 1828. That year, Congress established a brass troy weight as the "standard troy pound of the mint" to regulate U.S. coinage, according to both the https://www.usmint.gov/learn/history/historical-documents/philadelphia-mint-operations-legislation";>U.S. Mint and https://nvlpubs.nist.gov/nistpubs/Legacy/SP/nbsspecialpublication447.pdf";>NIST. The troy ounce remains the standard unit in today's markets as well, since the https://www.cmegroup.com/markets/metals/precious/silver.contractSpecs.html";>COMEX silver futures contract covers 5,000 troy ounces and is priced in dollars per troy ounce.

Frequently Asked Questions

A troy ounce of .999 silver weighs 31.1035 grams, according to https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST. About 31.07 grams of that total is pure silver, while the remaining 0.1% consists of trace amounts of other metals.

The answer depends on the mint that produced the coin. The https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>U.S. Mint lists the Silver Eagle at 31.103 grams, and the https://www.mint.ca/en/shop/coins/2024/2024-5-1-oz-9999-pure-silver-coin-sml-bullion";>Royal Canadian Mint lists the Maple Leaf at 31.11 grams, so a gram scale should display a reading very close to 31.1 grams.

No, a gram is much smaller than an ounce. According to https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST, one troy ounce equals 31.1035 grams, and one standard ounce equals 28.35 grams.

A troy ounce of silver contains 480 grains. Each grain weighs 64.79891 milligrams, and that value is identical in both the troy and standard systems, according to https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST.

One hundred grams of silver equals 3.215 troy ounces, and you can convert any amount in grams by dividing it by 31.1035. To compare metric bar sizes side by side, browse our https://www.moneymetals.com/buy/silver/bars/silver-gram-bars";>silver gram bars section.

One hundred troy ounces of silver weighs 3,110.35 grams, which equals 3.11 kilograms, or approximately 6.86 standard pounds, based on https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST conversion factors.

Yes. Spot prices, futures contracts, and official bullion coin specifications all rely on the troy ounce. For example, the https://www.cmegroup.com/markets/metals/precious/silver.contractSpecs.html";>COMEX silver contract is quoted in U.S. dollars per troy ounce, and the https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>U.S. Mint lists the Silver Eagle at 1.000 troy ounce.

It takes approximately 13.8 dimes. Each pre-1965 dime weighs 2.5 grams at 90% silver, so it contains about 0.0723 troy ounces of pure silver. Our https://www.moneymetals.com/bullion/silver-dimes-years";>silver dime years guide lists the dates that qualify.

The Bottom Line

One troy ounce of silver equals 31.1035 grams. If you remember that figure, confirm which ounce a scale or seller is using, and keep a coin's total weight separate from its silver content, your calculations will hold up. A paper dollar's purchasing power can erode over time, as the https://www.bls.gov/data/inflation_calculator.htm";>BLS inflation calculator demonstrates, but the weight of a troy ounce never changes.

When you're ready to buy, you can purchase by the ounce with a https://www.moneymetals.com/1-ounce-silver-bar-999-pure-secondary-market/2171";>1 oz silver bar or by the gram with https://www.moneymetals.com/buy/silver/bars/silver-gram-bars";>silver gram bars. Either way, check the https://www.moneymetals.com/silver-price";>current silver price before you place your order.

This article is for educational purposes only and is not investment advice.

India Considering Digital Gold Regulations Including 1-to-1 Gold Backing

Tue, 13 Oct 2026 00:00:00 EST

The Indian government is considering tighter regulation of “digital gold,” including requiring that all digital products be backed one-to-one with physical metal.

The fact that this isn’t already a requirement should give you pause.

With digital gold products, investors can buy and sell ownership of physical metal electronically. The digital gold provider stores physical gold in a vault on the owner's behalf. You technically own the gold, but you don't physically possess it. Digital gold allows quick transfers between accounts and facilitates fractional gold purchases. Some digital products allow investors to take physical possession of gold under certain circumstances. Others do not.

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The downside is you don't have physical possession of the metal, and there's no guarantee the provider has all the gold either.

Last year, the Securities and Exchange Board of India (SEBI) warned that digital gold products fall into a regulatory crack since they are “neither notified as securities nor classified as commodity derivatives.”

“Such digital gold products may entail significant risks for investors and may expose investors to counterparty and operational risks."

And SEBI emphasized, “They operate entirely outside the purview of SEBI."

That may soon change with a regulatory structure run jointly by SEBI and the Reserve Bank of India.

A bank official who asked not to be named https://timesofindia.indiatimes.com/business/india-business/in-2025-sebi-warned-investors-about-digital-gold-now-your-digital-gold-may-soon-need-physical-gold-to-back-it-government-weighs-rbi-sebi-oversight-for-3-billion-industry/articleshow/134329294.cms";>told the Times of India, “There is a consensus among all stakeholders that digital gold has gained acceptance among investors, and currently it is an unregulated segment which should be brought under the supervision of regulatory authorities.”

According to the Times, "The government is considering stricter regulations for digital gold, including a requirement that every unit be backed by physical bullion."

Stop and think about what that means. Currently, Indian law doesn't require digital gold providers to back their product with actual metal. That means they could run a fractional reserve system with only a small amount of gold on hand. That’s all well and good until everybody wants to take physical possession of their gold at the same time.

The situation isn’t much different in the U.S.

The United States has no uniform federal requirement that all digital gold products be backed ounce-for-ounce by physical bullion. However, individual products may provide that backing and operate under regulatory oversight, depending on the product's structure and jurisdiction.

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Interestingly, digital gold platforms in India have already created a self-regulatory organization called the Digital Precious Metals Assurance Council of India. According to the Times, several of the largest platforms have joined.

MMTC-PAMP ranks as one of the largest digital gold companies in India and has joined the DPMAC. Managing Director Samit Guha conceded “the digital gold and silver ecosystem in India needs some regulatory oversight urgently.”

He said the council will help standardize processes for purchasing, selling, and storing gold.

This underscores that while digital gold products are convenient, they come with significant https://www.moneymetals.com/news/2024/02/29/buy-gold-and-silver-to-hedge-against-counterparty-risk-003015";>counterparty risk.

In simple terms, it is the possibility that the party on the other side of a transaction might not fulfill its obligation. Specifically, it means the digital gold custodian might not actually have all the gold it claims.

Government and private regulation can minimize counterparty risk to some degree, but it can’t eliminate it. As long as there is a party on the other side of a transaction, you’re taking on risk.

On the other hand, physical gold and silver carry no counterparty risk, as no party stands on the other side of a gold or silver bar. You only take on counterparty risk if you store your bullion in an outside depository. And this risk is minimal if you use a trusted facility such as https://www.moneymetals.com/silver-gold-storage";>the Money Metals depository in Eagle, Idaho.

Money Metals Secures $265 Million for Expansion of Gold- and Silver-Backed Lending

Tue, 13 Oct 2026 00:00:00 EST

(EAGLE, IDAHO) – Money Metals today announced the acquisition of $265 million in equity and debt capital to expand its https://sites.google.com/view/gold-loan/"; target="_blank" rel="noopener">precious-metals-backed lending program, providing businesses and investors with greater access to competitive financing secured by physical gold, silver, platinum, and palladium.

The capital infusion positions https://www.moneymetals.com/gold-loan"; target="_blank" rel="noopener">Money Metals Capital Group as the largest retail provider of bullion-backed commercial credit lines in the United States, achieving that status just seven years after entering a lending market long dominated by legacy precious metals firms and https://money-metals-shop.fourthwall.com/supporters/posts/190244"; target="_blank" rel="noopener">high-cost pawn shops.

The company’s Metals Equity Line of Credit – or MELOC™ – allows precious metals owners to https://moneymetals.odoo.com/blog/articles-1/gold-backed-loans-in-the-u-s-what-american-investors-should-know-1"; target="_blank" rel="noopener">unlock liquidity from their holdings without having to sell them and potentially trigger capital gains taxes.

“Millions of Americans own gold and silver, but remarkably few lenders are willing or equipped to recognize those holdings as high-quality collateral,” said Stefan Gleason, https://www.moneymetals.com/authors/stefan-gleason"; target="_blank" rel="noopener">CEO of Money Metals Exchange, Money Metals Depository, and Money Metals Capital Group (together known as “Money Metals”).

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“Traditional banks won’t lend against physical precious metals. They aren't set up to authenticate, value, insure, and securely hold bullion collateral,” Gleason continued.

“That has historically left precious metals owners with very few options other than either selling their metals outright or paying extremely high interest rates to pawn shops and specialty lenders.”

Since introducing the MELOC™ in 2019, Money Metals has enabled qualified borrowers to obtain revolving lines of credit – with advance rates typically set at https://www.moneymetals.com/gold-loan/calculator"; target="_blank" rel="noopener">65 percent of the market value of eligible precious metals collateral.

“Our borrowers don't have to liquidate the very assets they accumulated as a long-term store of wealth,” Gleason said. “Instead, they can put those assets to work as collateral to access funding with attractive terms.”

Money Metals' revolving credit lines feature competitive interest rates, interest-only monthly payments, no prepayment penalties, and annual renewal options. Since the loans are secured by highly liquid precious metals, the underwriting process is substantially simpler than conventional lending.

“Because we have efficient access to capital and our borrowers are pledging readily marketable collateral, we can https://www.moneymetals.com/gold-loan/gold-loan-interest-rate?srsltid=AU7gw4VYRE_WnhIeoMnzgEAu7rpljDlVPrLgvU2bKU5j2Tn5qf_3S0Iz"; target="_blank" rel="noopener">offer rates competitive with most traditional business lenders,” Gleason said.

“We believe this is a large and mostly untapped lending market. With $265 million in lending capacity now available to us, we expect our precious-metals-backed loan portfolio to continue its growth trajectory.”

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The program can be particularly useful to small-business owners, real estate investors, farmers and ranchers, entrepreneurs, and other investors who own significant precious metals and need quick and efficient access to liquidity.

Borrowers may use proceeds for qualifying commercial purposes such as acquiring businesses or investment assets, acquiring or improving investment real estate, purchasing business inventory or equipment, financing accounts receivable, meeting payroll or other working-capital needs, or refinancing existing business obligations.

Eligible collateral generally includes tradable gold, silver, platinum, and palladium bullion coins, bars, and rounds. Borrowers deposit their collateral into their own account at Money Metals Depository in Eagle, Idaho, where it is inspected, valued, and held as security for the loan.

Each borrower’s collateral is held physically separate from storage holdings of other customers. Deposits are audited, insured, and safely secured inside Money Metals’ privately operated Class 3 vaulting facility.

The massive Idaho facility has received national attention in recent years because its overall size exceeds that of the U.S. Bullion Depository at Fort Knox, Kentucky. The depository provides secure precious metals custody for individuals, businesses, banks, trustees, IRA custodians, and other institutional clients.

The borrowing process is straightforward. Applicants submit a simple loan application and deposit qualifying collateral at Money Metals Depository. Following inspection of the collateral, completion of underwriting, and execution of loan documents, loans are funded – with the process from start to finish generally occurring within a few days.

“Gold and silver are among the most liquid hard assets in the world,” Gleason said. “There is no good reason an entrepreneur who owns substantial bullion should have fewer financing options than someone who owns stocks, bonds, or real estate.”

“Money Metals has built the financial infrastructure that enables people to own real money while still having access to dollar liquidity when they need it.”

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The minimum loan amount is $15,000 and the maximum is $10 million, with the program available to qualified borrowers in most U.S. states and certain foreign jurisdictions.

Money Metals Capital Group can also provide letters of credit to facilitate domestic and international commerce by providing vendors with assurance of payment while enabling buyers to complete transactions without immediately deploying their own cash.

An Idaho-based family-owned business founded in 2010, Money Metals provides an integrated precious metals platform encompassing https://vocal.media/trader/gold-loan-buying-and-storage-in-the-usa-a-complete-guide-for-the-indian-community"; target="_blank" rel="noopener">bullion sales, purchasing, secure storage, and collateralized lending.

To follow Money Metals’ coverage of precious-metals-backed lending, the gold and silver markets, and the broader economy, add Money Metals as a https://www.google.com/preferences/source?q=moneymetals.com"; target="_blank" rel="noopener">preferred source on Google.

For more information about the Metals Equity Line of Credit (MELOC™), or to apply, call (800) 800-1865 or visit MoneyMetals.com/gold-loan.

Hong Kong's Rise as Global Gold Hub Boosts Status of Chinese Currency

Tue, 13 Oct 2026 00:00:00 EST

The Chinese government has tried to internationalize the yuan and raise its stature as a global currency for decades. Hong Kong's ascension as a prominent yuan-denominated gold trading hub is giving that effort a big boost.

S&P Global Ratings managing director https://www.cnbc.com/2026/10/12/cnbc-china-connection-newsletter-gold-purchases-yuan-globalization.html"; target="_blank" rel="noopener">Charles Chang told CNBC that Hong Kong's evolution as a gold trading center and the ensuing elevation of the yuan's status could ultimately undercut the dollar.

“As those trading volumes grow, there would be a growing volume of the physical gold trade that is denominated in RMB and not linked in USD.”

Chang said the biggest challenge to internationalizing the yuan is finding places to use it. Hong Kong’s rapidly developing gold-trading platform coupled with Beijing’s aggressive gold buying creates such an avenue.

“In terms of gold particularly, if the RMB that the buyer receives can be converted to gold, then it gives more channels for the spending to be done.”

Hong Kong's Quest to Become a Global Gold Hub

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Earlier this summer, https://www.moneymetals.com/news/2026/07/09/hong-kong-launches-gold-settlement-system-to-challenge-western-dominance-005050";>Hong Kong launched trial operations of a gold clearing and settlement system, putting the region in a position to challenge Western dominance of the global gold market.

The government-owned clearing system reportedly “mirrors” the financial infrastructure used by the LBMA in London.

When unveiling the system, Hong Kong Precious Metals Central Clearing Company CEO John Lee Ka-chiue said the company will offer “a comprehensive suite of services ranging from gold deposits and withdrawals to transaction settlements in the over-the-counter market in Hong Kong,” adding that a new gold price ticker – HAU – would be introduced to “ensure that Hong Kong gold prices are fully accessible to global market participants.”

To facilitate the clearing system, the Shanghai Gold Exchange (SGE) opened its https://www.news.gov.hk/eng/2025/06/20250626/20250626_173539_352.html"; target="_blank" rel="noopener">first offshore gold delivery vault in Hong Kong.

At the time, Secretary for Financial Services & the Treasury Christopher Hui said that the SGE's decision to establish its first International Board certified vault in the special administrative region “offers international investors an option for delivering gold offshore, marking a key stride in the internationalization of the country's gold market, extending the global footprint of renminbi-denominated gold trading, and further strengthening Hong Kong's role in the regional market.”

Over the next three years, Hong Kong plans to expand its gold vaulting capacity from 150 to over 2,000 tonnes.

“If Hong Kong can complete this transaction, then it would become one of the largest gold trading centers in the world,” Chang said.

Last month, Hong Kong Exchanges and Clearing (HKEX) announcedhttps://www.moneymetals.com/news/2026/09/24/hong-kong-to-launch-yuan-denominated-gold-futures-contract-005236";> plans to launch a yuan-denominated gold futures contract early next year.

According to the South China Morning Post, the move aims to advance two priorities outlined in the city’s five-year plan announced last week:

Promoting yuan internationalization
Developing Hong Kong’s gold market

Chinese Central Bank Gold Buying Also Boosts Yuan

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Meanwhile, the People’s Bank of China continues the https://www.moneymetals.com/news/2026/10/12/why-is-china-stacking-gold-005282";>aggressive expansion of its gold reserves.

The Chinese central bank has reported an increase in its official gold reserves for 23 straight months, including a 23-tonne addition to its official holdings in September. This followed 20-tonne purchases in July and August.

Year-to-date, the People’s Bank of China has reported 80 additional tonnes added to its gold holdings.

And the Chinese have bought a lot more gold than that. According to https://www.moneymetals.com/news/2025/04/02/chinas-gold-reserves-going-through-the-roof-003956";>data parsed by the renowned Money Metals researcher, the Chinese central bank currently sits on more than 5,000 tonnes of monetary gold in Beijing – more than TWICE what Chinese officials publicly admit.

Guotai Junan International chief economist Hau Zhou said this consistent gold buying “reinforces the credibility of the renminbi’s internationalization drive.”

“By steadily increasing gold reserves, Beijing is strengthening the long-term backing of its financial system and reducing reliance on dollar-denominated reserve assets. While gold alone will not determine the RMB’s global role, it enhances confidence in the currency and supports broader efforts to expand its use in trade, investment and official reserves.”

Nanhua Futures head of precious metals and new energy research Xia Yingying said gold accumulation by China and other central banks will “reduce global reliance” on U.S. Treasuries and dollar reserves.

“In the medium to long term, it will gradually weaken the U.S. dollar’s monopolistic position in the global reserve system.”

A Problem for the U.S.

While the dollar won’t likely fall from its perch as a global reserve currency, even modest https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898";>de-dollarization is problematic for the United States.

The U.S. depends on global demand for dollars.

The greenback’s role as the world's reserve currency is the only reason the U.S. can borrow, spend, and run massive budget deficits to the extent it does. It creates a built-in global demand for dollars and dollar-denominated assets. This absorbs the Federal Reserve’s money creation and helps maintain dollar strength despite the Federal Reserve’s inflationary policies.

A de-dollarization of the world economy could cause a dollar glut. The U.S. currency could further depreciate. At the extreme, global de-dollarization could spark a currency crisis. You and I would feel the impact through higher price inflation, eating away at the dollar's purchasing power. In the worst-case scenario, it could lead to hyperinflation.

Eisenhower Silver Dollar - Which Ikes Are 40% Silver and What They’re Worth - Edge and Weight Tests, Bicentennial Types, and 1972 Earth Varieties - Money Metals

Mon, 12 Oct 2026 00:00:00 EST

Two questions often come together when people find an Eisenhower dollar: is it silver, and what is the coin worth?

Most Eisenhower dollars do not contain any silver. The reason is they were struck from the same copper-nickel alloy used in dimes and quarters after the Coinage Act of 1965. A worn example is worth nothing but the dollar value stamped on it.

A smaller group does hold real silver, and those coins came from the San Francisco Mint. Their silver value grants exposure to the silver spot price, and their worth fluctuates with the silver market.

This guide covers how to separate the two in under a minute. You will also learn the value by year and mint mark, why the 1776-1976 Bicentennial issues confuse so many people, and which dates deserve a second look.

What Is the Eisenhower Dollar?

The Eisenhower dollar is a large United States dollar coin struck from 1971 through 1978. Collectors often shorten the name to Ike. The coin arrived after a long gap in dollar coinage. The previous dollar coin, the Peace dollar, had ceased production in 1935. Nothing replaced it for 36 years.

Frank Gasparro designed both sides of the coin, and the obverse carries a profile portrait of President Eisenhower. The reverse shows an eagle coming in to land on the moon, adapted from the Apollo 11 mission patch.

That pairing was deliberate rather than lucky, because Eisenhower died in March 1969 and Apollo 11 touched down just four months later. This one coin ended up honoring both occasions.

Three mints produced these coins. The Philadelphia coins do not carry a mint mark. You can find the Denver and San Francisco mint marks just below Eisenhower’s neck.

The Denver mint mark shows a D. The San Francisco shows an S.

The series ended in 1978, and the much smaller Susan B. Anthony dollar took its place the next year.

Eisenhower Dollar Specifications

Spec	Copper-Nickel Clad	40% Silver Clad
Years struck	1971 to 1978	1971 to 1976, S mint only
Metal	91.67% copper, 8.33% nickel	40% silver, 60% copper
Weight	22.68 grams	About 24.6 grams
Silver content	None	.3161 troy ounces
Diameter	38.1 mm	38.1 mm
Edge	Reeded	Reeded

Which Eisenhower Dollars Are Silver?

Only the San Francisco Mint produced silver Eisenhower dollars. These coins were not minted for circulation, but instead were made for collectors. For this reason, they were struck with 40% silver.

The complete list of silver dates runs 1971-S, 1972-S, 1973-S, 1974-S, and 1776-1976-S. Anything outside of this list is copper-nickel clad.

One point trips up a lot of people: there is no such thing as a 1975 Eisenhower dollar. The Mint struck Bicentennial coins during both 1975 and 1976. Every one of these coins carries the dual date 1776-1976. Silver production also stopped after the Bicentennial, so the 1977 and 1978 issues are copper-nickel at all three mints.

No Eisenhower dollar was ever struck in 90% silver. Every silver Ike is 40% silver clad. If you want 90% silver dollars, those are the https://www.moneymetals.com/buy/silver/coins/collectible-silver-dollars";>Morgan and Peace dollars that ended in 1935, and for 90% dimes, quarters, and half dollars you want https://www.moneymetals.com/buy/silver/junk-silver";>junk silver.

What Each Mint Produced by Year

Year	Philadelphia (no mark)	Denver (D)	San Francisco (S)
1971	Clad	Clad	40% silver only
1972	Clad	Clad	40% silver only
1973	Clad, mint sets only	Clad, mint sets only	40% silver and clad proof
1974	Clad	Clad	40% silver and clad proof
1776-1976	Clad	Clad	40% silver and clad proof
1977	Clad	Clad	Clad proof only
1978	Clad	Clad	Clad proof only

Blue Ikes and Brown Ikes

The Mint sold its silver dollars in two formats. Collectors ended up naming them after their packaging.

A Blue Ike is an uncirculated silver dollar that shipped out sealed in a blue envelope, while a Brown Ike is a silver proof that came boxed in brown with a gold eagle seal.

That packaging is worth more than sentiment. It confirms whether the coin contains silver without a scale and carries a small premium of its own. If the envelope or the box survived alongside the coin, keep them together.

Money Metals stocks both formats, including the https://www.moneymetals.com/40-silver-eisenhower-dollars-3161-oz-silver/268";>40% Silver Eisenhower Dollar and the https://www.moneymetals.com/40-silver-uncirculated-blue-eisenhower-dollar-1971-s/2062";>1971-S Blue Ike.

What the Silver Content Is Worth

Every 40% silver Eisenhower dollar contains .3161 troy ounces of silver, which comes to a little under a third of an ounce. To find the melt value, multiply .3161 by the current price of silver, and you can pull today's number from the live https://www.moneymetals.com/silver-price";>silver spot price page.

The silver market fluctuates throughout the day, every day. Any number you might see given in an article is liable to be out of date. The principle is what matters: melt value sets the floor, and the coin cannot be worth less than the metal inside it.

How to Tell If Your Eisenhower Dollar Is Silver

These five checks run in order of speed. The first two will settle most coins in a matter of seconds.

1. Find the mint mark. Look just below Eisenhower’s neck and above the date, where no mark means Philadelphia and a D means Denver. These mints did not strike a silver Ike. If a coin is marked with either of these mint marks, it is automatically a copper-nickel and you can stop there.

2. Check the date against the silver list. An S by itself does not guarantee silver, because San Francisco also struck copper-nickel proofs from 1973 onward. The silver S coins carry the dates 1971, 1972, 1973, 1974, or 1776-1976.

3. Examine the edge. Stand the coin on its rim and look at the side, where a clad Ike shows an orange copper stripe running the full way around. A 40% silver coin shows an even gray edge with no copper band, and this check takes about two seconds once you know what to look for.

4. Put it on a scale. A copper-nickel Ike weighs 22.68 grams and a silver Ike weighs about 24.6 grams, so any kitchen scale that reads to a tenth of a gram will separate them.

5. Look at the packaging. A blue envelope or a brown presentation box confirms silver, as does a Bicentennial three-coin silver set.

If all five checks leave you unsure, a local dealer can weigh the coin while you watch, and Money Metals can verify it as part of the https://www.moneymetals.com/sell-to-us";>sell to us process.

Eisenhower Dollar Value by Year and Mint Mark

The honest starting point is that most Eisenhower dollars are worth about a dollar. That is not where a lot of online coin content starts. To get the full picture across the Morgan, Peace, and Eisenhower series, see https://www.moneymetals.com/bullion/how-much-is-a-silver-dollar-worth";>how much a silver dollar is worth. Three factors push a coin above face value, and they matter in this order.

Silver content is the dominant factor, because a 40% silver coin tracks the metals market and a clad coin does not.
Grade comes second, since the Mint handled these large coins roughly and clean examples turned out to be uncommon.
Variety comes third, because a few die varieties bring strong premiums but most coins are not one of them.

The Common Clad Dates

Clad Eisenhower dollars from 1971, 1972, 1974, 1977, and 1978 are common by any measure. The Mint struck tens of millions across most of those years. A circulated example is a one-dollar coin, while an uncirculated one is worth a few dollars to a collector building a set.

Bicentennial clad coins are the most common issue of all. More than 220 million of these coins were produced across the two years of the dual-date design.

Why 1973 Is Different

The Mint struck no 1973 Eisenhower dollars for circulation. The Federal Reserve already held significantly more dollar coins than the public wanted to use. The 1973 and 1973-D coins went straight into collector mint sets instead, which left them with far lower mintages than the rest of the series.

That gives even an average example a premium over a common date.

Why Grade Matters More Than Date

The Ike is a wide, heavy coin, and the Mint tumbled them into bags by the thousand. While in those bags, the coins knocked against each other. That friction caused wear on the coins, which could weaken strike details.

This, combined with already weak strikes from the Mint, could make details vanish completely.

That has a major impact on a coin’s grading and condition. Eisenhower coins are very common and easy to find in low grades. Top grade coins are much harder to come by. That scarcity gap is where the collect premiums in the series sit.

For current pricing by date and grade, check a published price guide before you buy or sell, and see our broader guide to https://www.moneymetals.com/guides/silver-coin-values";>silver coin values. Retail values shift often enough that any table printed here would mislead you within a season.

The 1776-1976 Bicentennial Eisenhower Dollar

The Bicentennial Ike draws more searches than any other Eisenhower dollar. It also causes more confusion than any other coin in the series.

The coin took its design from Dennis R. Willians. This artist designed the coin’s reverse at age 22. He won this opportunity by winning a national design competition in 1974. His reverse design depicts the Liberty Bell in front of the moon, showing America’s growth extending all the way to the moon landing.

Every Eisenhower dollar struck after July 4, 1975 and through the end of 1976 carries the 1776-1976 dual date. That is the reason no coin dated 1975 alone exists.

What Makes a 1776-1976 Dollar Rare?

Generally speaking, the coin is not rare. The Mint produced more than 220 million Bicentennial dollars. The majority of these coins are worth their face value of $1. There are, however, three instances that can carry a significant premium. Those three are:

40% silver coins from San Francisco
High-grade uncirculated examples from any mint
Coins showing the Type 1 reverse lettering

How to Tell Type 1 From Type 2

The Mint revised the reverse lettering partway through production, and collectors sort the results into Type 1 and Type 2. The difference is most obvious in the words UNITED STATES OF AMERICA and ONE DOLLAR.

Type 1 lettering is blocky and sans-serif. The letters look thick and plain squared-off ends. Type 2 lettering is finer and carries serifs. That makes it match the lettering already used on the front of the coin.

Type 1 coins came first and were eventually replaced. They had a short run before the Type 2, which is why Type 1 business strikes are much scarcer. Philadelphia struck about 4 million Type 1 coins against about 113 million Type 2 coins.

One more rule is worth memorizing: every uncirculated 40% silver Bicentennial dollar is a Type 1. If your 1776-1976 Eisenhower dollar is 40% silver, it will have the Type I reverse. No 40% silver Type II Eisenhower dollars were issued.

Checking your Bicentennial coin’s Type 1 lettering is the most likely way an ordinary-looking Ike turns out to be worth more than a dollar.

Key Dates and Varieties Worth Checking

A handful of Eisenhower dollars carry premiums big enough to justify a careful look before you sell anything by weight.

The 1972 Earth Varieties

Philadelphia coins dated 1972 come in three types, and the difference lies in how the Earth appears below the eagle on the reverse.

Type 1. The Earth looks flattened, Florida points southeast, and the islands sit mostly southeast of the tip.
Type 2. The Earth is round, Florida points south, and a single large island sits to the southeast.
Type 3. Much like Type 2, except that two islands sit directly south of the Florida peninsula.

Type 2 is the one that matters. The Mint used a single reverse die for it during March 1972 and only a few coins came off that die. That rarity makes it the most valuable regular-issue variety in the series. Type 3 entered service in September 1972, and the Mint kept using it from 1973 onward.

The 1971-S Silver Dollar

This coin draws heavy search traffic from people who have heard it is valuable. The date itself is not scarce, with more than 11 million silver 1971-S coins struck. Their value lies in their condition, since high-grade uncirculated examples and deep cameo proofs bring strong prices. The average coin, in contrast, is worth its silver plus a modest premium.

The Philadelphia 1776-1976 Type 1

This coin reached the public only through collector mint sets rather than circulation. That makes it a real scarcity inside an otherwise common coin.

A Realistic Word About Errors

Search results for Ike errors are full of coins that are not errors, and most of what circulates on social media is post-mint damage. Scratches, dents, discoloration, and machine marks picked up after the coin left the Mint add nothing to its value. It does not matter how dramatic it might look in a close-up photo.

The major grading services catalogue the genuine die varieties. So compare any suspected find against a published variety reference before you assume you have something unusual.

Are Eisenhower Dollars Worth Buying?

The answer depends on what you want the coin to do for you.

As a silver holding, the 40% Ike makes a reasonable case. It is a United States government coin, so it is easy to recognize and easy to sell anywhere in the country. At roughly one third of a troy ounce, it also gives you a useful small unit. Premiums over melt tend to run lower than on modern bullion coins, which appeals to buyers who want recognizable fractional silver.

As a collectible, clad Ikes are a cheap and enjoyable hobby. However, they are not a way to own metal, since they contain none at all.

Money Metals operates as a bullion dealer, so we price silver Ikes off the metals market rather than off a coin catalog. You can browse https://www.moneymetals.com/buy/silver/junk-silver/40-silver";>40% silver coins or the wider https://www.moneymetals.com/buy/silver/silver-dollars";>silver dollar selection.

How to Sell Your Eisenhower Dollars

Start by sorting your coins, putting any silver S-mint dates into a separate pile from the rest. The two groups sell through different channels.

The 40% silver coins sell as bullion, where a dealer pays a percentage of melt value and the silver price on the day you sell sets your number. Money Metals buys them through https://www.moneymetals.com/sell-to-us";>sell to us.

Hold three groups back from the bullion pile for a closer look:

Coins that look untouched, with a full and sharp strike.
Any 1972 coin showing the round Earth reverse.
Anything still sealed in its original blue envelope or brown box.

Each of those may be worth more to a collector than to a bullion buyer, so have them graded or appraised before you sell them by weight. For the ordinary clad coins, either spend them or keep them, because neither choice will cost you much.

Eisenhower Dollar FAQ

Most are worth one dollar, since copper-nickel Ikes contain no silver and worn examples trade at face value. The 40% silver coins from San Francisco are worth their metal content, which is .3161 troy ounces of silver per coin.

Check the mint mark first, because only S-mint coins dated 1971 through 1974 plus 1776-1976 can be silver. Then look at the edge, where a copper stripe means clad and a solid gray edge means silver.

None of them, because every silver Eisenhower dollar is 40% silver. The 90% silver dollars are the Morgan and Peace series, and the last of those was struck in 1935.

A common 1972 clad dollar is worth about a dollar, with one exception. The 1972 Type 2 variety shows a round Earth with Florida pointing south, and that version carries a large premium.

The date is not scarce, with more than 11 million struck, so the value comes from grade rather than rarity. High-grade uncirculated coins and deep cameo proofs sell for real money, while average examples are worth their silver.

Usually nothing at all, given that the Mint struck over 220 million of them. The genuine exceptions are 40% silver S-mint coins, high-grade uncirculated examples, and coins with Type 1 reverse lettering.

No, because coins struck during both 1975 and 1976 carry the dual date 1776-1976, so a single-date 1975 Ike does not exist.

It means Philadelphia produced the coin, and since Philadelphia never struck silver Eisenhower dollars, a coin without a mint mark is copper-nickel.

A 40% silver Ike contains .3161 troy ounces of silver, while clad Ikes contain none.

No, because Eisenhower appears only on the dollar coin. The half dollar of that era is the Kennedy half.

The Bottom Line

Check the mint mark, then check the edge, and those two steps will sort almost every Eisenhower dollar you run across in well under a minute.

A qualifying 40% silver S-mint issue from 1971 through 1976 contains .3161 troy ounces of silver. Its value follows the metals market from there. Everything else in the series is a one-dollar coin with an unusually good story stamped on the back.

If you want to buy or sell, start with the https://www.moneymetals.com/40-silver-eisenhower-dollars-3161-oz-silver/268";>40% Silver Eisenhower Dollar or check today's https://www.moneymetals.com/silver-price";>silver price.

The BIG PICTURE for Gold & Silver Could Not Be More Positive

Mon, 12 Oct 2026 00:00:00 EST

When considering any investment, it is important to step back and gain a “big picture” perspective on where it stands in its life cycle. Like living things, companies go through an establishment phase, a growth phase, a mature phase, and eventually a declining phase. At the end, they either reinvent themselves or die.

On a commodity or stock chart, the establishment phase usually corresponds to a long period of basing before a bull market begins. The growth phase is the bull market itself. For highly successful companies such as Coca-Cola or McDonald’s, this can last for years or even decades.

The mature phase often involves a topping pattern as competitors threaten the company or its products and services fall out of fashion. Finally comes the declining phase, when the stock enters a bear market, often alongside falling market share or profits.

We can simplify this into four stages:

Stage 1: The basing phase.
Stage 2: The growth phase.
Stage 3: The topping phase.
Stage 4: The declining phase.

The reason for this preamble is that gold and silver’s very long-term charts reveal a similar cycle. Unlike companies, these metals are not born and do not die. But their prices move through these four stages, which subsequently repeat.

On gold’s very long-term chart, stretching back to about 1981, we can see that its great 1970s bull market was followed by a severe Stage 4 bear market lasting until about 1985. Although gold made lower lows in 1999 and 2001, it was essentially in a Stage 1 basing pattern from the mid-1980s through 2001.

It then began a massive Stage 2 bull market. In this interpretation, even the major correction from its 2011 peak was a prolonged pause in that ongoing bull market, which regained traction early in 2024.

Here is the crucial point: with most fiat currencies on course to become virtually worthless under the weight of insurmountable debt, all the price action from 1980 through early 2024 can be viewed as a gigantic Stage 1 cup-and-handle base. Gold broke out of that pattern in 2024, beginning an unprecedented Stage 2 bull market.

Viewed this way, gold has the potential to fly off the top of this chart and reach much higher levels. Its correction from the late-January peak has been relatively small compared with the preceding advance.

A return to support at the top of the giant cup-and-handle pattern appears highly unlikely under this interpretation. Such a move would also suggest that silver could fall below support at the top of its very similar pattern.

https://www.moneymetals.com/uploads/content/gold-very-long-term-chart-800x993.jpg"; alt="Gold: Very Long-Term Chart - Showing a Cup and Handle over Years" width="800" height="993" loading="lazy" />

Silver’s very long-term chart, also stretching back to about 1981, is almost identical to gold’s. The main difference is that silver did not advance as far above its massive cup-and-handle pattern. It has now pulled back close to the pattern’s upper boundary.

This is normal in the earlier stages of major precious metals bull markets, when gold tends to perform best. Silver really shines in the later stages.

The silver chart provides valuable guidance. It is now at or near the point where it should begin another major advance—and such a move would likely be accompanied by renewed strength in gold.

https://www.moneymetals.com/uploads/content/silver-very-long-term-chart-800x989.jpg"; alt="Silver: Very Long-Term Chart - Cup and Handle Over Years" width="800" height="989" loading="lazy" />

The good news extends beyond the big picture. The short-term outlook also looks positive because both the dollar and interest rates appear poised to pull back after their sharp gains in recent weeks.

Starting with the one-year chart of the 10-year U.S. Treasury yield, we can see that it remains heavily overbought near the upper boundary of its orderly uptrend channel. It is therefore likely to consolidate for a while, or more probably retreat across the channel.

That would provide a favourable backdrop for the precious metals sector to advance again after its recent decline.

https://www.moneymetals.com/uploads/content/10-year-us-treasury-yield-one-year-chart-800x841.jpg"; alt="10-Year U.S. Treasury Yield: One-Year Chart" width="800" height="841" loading="lazy" />

The surge in U.S. interest rates has helped drive the dollar index higher. But the dollar, too, is sputtering near the upper boundary of its intermediate uptrend channel and looks poised to retreat.

Could it simply keep climbing? Anything is possible, but the graveyards of Wall Street are full of people who thought, “It’s different this time.”

https://www.moneymetals.com/uploads/content/us-dollar-index-one-year-chart-800x823.jpg"; alt="U.S. Dollar Index: One-Year Chart" width="800" height="823" loading="lazy" />

Now consider a positive development for the precious metals sector that has been many years in the making.

Longtime investors and mining executives will recall the appalling underperformance of gold and silver stocks relative to the metals from about 2008 through early 2016. Interest in the sector fell to abysmally low levels.

Fast-forward to today. With all-in sustaining costs (AISC) for many producers well below current and recent gold prices, these companies are making money “hand over fist” and reporting stellar results.

Many investors have yet to fully appreciate this, but that is beginning to change. As more recognize the profitability of these companies, mining stocks should increasingly reflect that reality.

The process has already started. On the latest two-year chart of the GDX-to-gold ratio, August’s sector breakout pushed the ratio to clear new highs. In other words, mining stocks began outperforming gold on a proportional basis.

https://www.moneymetals.com/uploads/content/gdx-to-gold-ratio-two-year-chart-800x831.jpg"; alt="GDX-to-Gold Ratio: Two-Year Chart" width="800" height="831" loading="lazy" />

This could be just the beginning. The long-term GDX-to-gold chart shows that a giant relative base formed after gold stocks’ prolonged underperformance from 2008 through early 2016. The ratio has only begun breaking out of that base this year.

The chart suggests that gold stocks may be preparing for a long-awaited period of outperformance. If the ratio returns to its mid-2000s levels, the potential gains for gold stocks would be substantial.

https://www.moneymetals.com/uploads/content/gdx-to-gold-ratio-long-term-chart-800x819.jpg"; alt="GDX-to-Gold Ratio: Long-Term Chart" width="800" height="819" loading="lazy" />

With that backdrop, consider the one-year charts of the VanEck Gold Miners ETF (GDX) and the VanEck Junior Gold Miners ETF (GDXJ).

Both broke decisively higher in August from strongly converging, bullish falling-wedge corrections that began after their late-February highs. The miners had peaked slightly later than gold itself.

Strong advances followed, including bullish gaps on heavy trading volume. The subsequent pullbacks look normal and proportionate. They also coincided with the steep gains in the dollar and interest rates, which now appear to have largely run their course.

The declines from late August in GDX, GDXJ, and several individual stocks may be forming the right shoulders of head-and-shoulders bottoms, as marked on the charts.

If this interpretation is correct, we are at an excellent point to buy the sector or add to existing positions.

https://www.moneymetals.com/uploads/content/gdx-one-year-chart-800x997.jpg"; alt="GDX: One-Year Chart" width="800" height="997" loading="lazy" /> https://www.moneymetals.com/uploads/content/gdxj-one-year-chart-800x1009.jpg"; alt="GDXJ: One-Year Chart" width="800" height="1009" loading="lazy" />

Over a month ago, the Gold Miners’ Bullish Percent Index stood near 68%—a reading we did not like, suggesting that “too many dummies are getting rich.”

It has since moderated to a more reasonable 40.5%, opening the door to a renewed advance.

https://www.moneymetals.com/uploads/content/gold-miners-bullish-percent-index-one-year-chart-800x999.jpg"; alt="Gold Miners’ Bullish Percent Index: One-Year Chart" width="800" height="999" loading="lazy" />

As a practical example, consider the one-year chart of major gold miner Agnico Eagle.

The chart shows what appears to be a developing head-and-shoulders bottom. Heavy volume on the advance forming the right side of the head strengthens this interpretation.

So does the buoyant accumulation line at the top of the chart, which has held up well during the pullback from the late-August peak.

https://www.moneymetals.com/uploads/content/agnico-eagle-one-year-chart-800x999.jpg"; alt="Agnico Eagle: One-Year Chart" width="800" height="999" loading="lazy" />

One fundamental development could provide an immediate boost: Trump’s sudden conciliatory moves toward Putin and Russia.

Trump said Ukraine’s leader was responsible for prolonging the war and that Russia could export much-needed diesel to the United States without penalty.

This shift could help defuse tensions and lower oil prices. It could also encourage a temporary retreat in the dollar and interest rates, providing a tailwind for the precious metals sector.

Gold and Silver Recover — While Big Buyers Keep Accumulating

Mon, 12 Oct 2026 00:00:00 EST

Gold and silver finally put a winning week on the board. But the more revealing development is what happened while prices were falling: investors poured billions into gold-backed funds, and China stepped up its purchases of physical gold.

The correction rattled short-term traders. It did not send all the bigger buyers running for the exits.

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Last week’s recovery came as Treasury yields eased and oil prices retreated, giving precious metals some breathing room.

A well-received auction of 30-year Treasury bonds helped calm the bond market late in the week.

When investors demand less interest to lend Washington money, gold faces less competition from interest-paying assets. The dollar also pulled back from its highs, although it still finished with its fourth consecutive weekly gain.

Those pressures have eased; they have hardly disappeared. The 10-year Treasury yield remained around 5.24% at the end of the week, and inflation-adjusted yields were still elevated.

September’s Fed meeting minutes indicated that most policymakers expected another rate increase before year-end. Traders now see relatively little chance of an October hike, but postponing another increase is different from abandoning one.

That makes the buying beneath the market especially interesting. The World Gold Council reported that global gold ETFs attracted about $10 billion in September, even as gold prices declined. Third-quarter inflows reached a record $31 billion, while holdings rose to an all-time high of 4,256 tonnes.

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Investors were adding exposure during a correction, suggesting that many still see reasons to own gold beyond the next Fed meeting.

Meanwhile, leveraged futures traders were reducing their bullish positions. These markets attract different investors with different time horizons, so the divergence deserves attention.

Futures selling can push prices lower quickly, while accumulation in physically backed funds can continue underneath that weakness.

China supplied another example. Its central bank added approximately 23 tonnes of gold in September, the largest monthly addition since 2023, extending its reported buying streak to 23 consecutive months. Publicly admitted reserves now stand near 2,410 tonnes.

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Silver faces an additional hurdle because it serves both investors and industry. Concerns about economic growth can restrain buying even when gold attracts defensive interest. On the supply side, First Majestic reported third-quarter silver production down 11% from a year earlier, partly because of labour disruptions.

One company’s results do not establish a market-wide shortage, but they illustrate that mine supply cannot simply expand on command when demand improves.

Wednesday’s consumer inflation report is the main test this week, followed by producer prices Thursday and retail sales Friday.

A softer inflation reading could ease expectations of further Fed tightening and help metals extend their recovery.

A hotter reading could revive the same pressure that drove the recent selloff.

Oil and developments around Iran remain wildcards because energy costs can influence those expectations in either direction.

The longer-term issue has not changed. Higher interest rates may temporarily make government debt more attractive, but they also increase the cost of servicing that debt.

Persistent inflation continues to erode savings, and a stronger dollar against other currencies does not mean it buys more goods.

Gold and silver will remain volatile. The continued accumulation by major buyers suggests the reasons for owning them remain very much alive.

Precious Metals News & Analysis - Gold News, Silver News from Money Metals Exchange

Why China Is Buying Gold — and What It Means for the Dollar

Why China Is Buying Gold — and What It Means for the Dollar

China’s growing gold reserves reflect a broader effort to reduce reliance on the U.S. dollar, a shift that could have significant consequences for the American economy and the global monetary system.

Why China Is Accumulating Gold

The Two Forces Driving De-Dollarization

Mounting U.S. Debt

The Weaponization of the Dollar

Why a Weaker Dollar System Could Affect Americans

Hong Kong’s Bid to Become a Global Gold Hub

Gold’s Role in a Changing Monetary Order

The Long-Term Implications for the Dollar

What Is 24k Gold - Gold Karat and Purity Chart From 24k to 10k - Is 24k Gold Pure, 22k vs 24k Gold, and Karat Stamps Explained - Money Metals

What Does 24 Karat Mean?

Why the Scale Stops at 24

Karat vs Carat

Gold Karat and Purity Chart

What Karat Is My Gold Stamp?

Is 24k Gold Pure?

What a Karat Stamp Legally Means in the US

The FTC Jewelry Guides

The Gold and Silver Stamping Act

22k vs 24k Gold: Same Ounce, Different Mix

What Is 22k Gold?

Some Older Coins Hold Less Than an Ounce

What Karat Are Gold Bars and Coins?

"24k Gold Plated" and "Gold Filled" Are Not 24k Gold

How to Check What Karat Your Gold Is

The Bottom Line

Frequently Asked Questions

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China Is Stacking Gold! Why?

Articles Mentioned in the Show

How Many Grams in an Ounce of Silver - 31.1035 Grams per Troy Ounce, Not 28.35 - 1 oz Coin Weight vs Pure Silver, Fineness, and Ounce to Gram Charts - Money Metals

Troy Ounce vs. Standard Ounce: Why 28.35 Grams Is the Wrong Answer

Same Grain, Different Count

How Many Ounces Are in a Pound of Silver?

Silver Ounces to Grams Conversion Chart

Silver Gram Bars to Troy Ounces

How Much Should a 1 oz Silver Coin Weigh? Coin Weight vs. Pure Silver

Three Mints, Three Ways to Say "One Ounce"

Grams of Pure Silver per Ounce, by Fineness

How Many Grams Are in an Ounce of Sterling Silver?

What About Old Silver Dimes?

How to Weigh Silver at Home: What Your Scale Should Read

Quick Checklist for Weighing Silver

Silver Price per Gram and Melt Value: The Math

Why Silver Is Weighed in Troy Ounces

Frequently Asked Questions

How many grams are in an ounce of .999 silver? http://www.w3.org/2000/svg"; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''">

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The Bottom Line

India Considering Digital Gold Regulations Including 1-to-1 Gold Backing

Money Metals Secures $265 Million for Expansion of Gold- and Silver-Backed Lending

Hong Kong's Rise as Global Gold Hub Boosts Status of Chinese Currency

Hong Kong's Quest to Become a Global Gold Hub

Chinese Central Bank Gold Buying Also Boosts Yuan

A Problem for the U.S.

Eisenhower Silver Dollar - Which Ikes Are 40% Silver and What They’re Worth - Edge and Weight Tests, Bicentennial Types, and 1972 Earth Varieties - Money Metals

What Is the Eisenhower Dollar?

Eisenhower Dollar Specifications

Which Eisenhower Dollars Are Silver?

What Each Mint Produced by Year

Blue Ikes and Brown Ikes

What the Silver Content Is Worth

How to Tell If Your Eisenhower Dollar Is Silver

Eisenhower Dollar Value by Year and Mint Mark